MCX Gold post making a high near 32300 levels failed to sustain its grounds. We have been bearish on this commodity when 31500 level was taken out on closing basis. Also prices have failed to show any positive reversal sign. So at such times, it is better to avoid catching low and identify whether to follow break out or sell on rise strategy.
Below is the daily chart of MCX Gold (spot) showing detail analysis using Moving averages and Fibonacci series along with Elliott wave theory.
MCX Gold Continuous Daily chart:(Anticipated as on 22nd of November, 2018)
MCX Gold Continuous Daily chart:(Happened as on 22nd of November, 2018)
(Below is the part of research taken from Commodity report published in the morning of 22nd November, 2018 before market starts)
Anticipated: On daily chart of MCX Gold Diametric pattern is under formation and currently wave (d) is ongoing on downside. Prices have reversed post touching its 50-days EMA indicating how important it is! So for buying to emerge prices need to take out its 50-days EMA which is now quoting near 31142 levels. We are showing Fibonacci retracement and prices seem to retrace 76.4% of wave c. Break below 30750 can extend wave (d) towards lower levels of 30500 levels. BANG ON!!
As shown on hourly chart of MCX Gold, prices have completed wave y on downside and currently wave x is ongoing on upside. We can expect overlapping move in coming session in form of wave x. As long as 30950 is intact on upside and 30750 on downside range-bound movement can be expected. Break of these levels will only provide a clear trendy move on either direction. In short, prices of MCX Gold are at crucial juncture. One should keep a close watch on 30950 on upside and 30750 on downside. Break of this level will drive trend in that direction.
Happened: Prices have behaved as expected, breaking its important support placed near 30750 and making a low near 30412 levels.
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